After last years abysmally low number of home sales, some people will be glad to know that sales have climbed.
Unfortunately that hasn’t done anything for prices.
The REBGV has released their october stats package and the composite benchmark price for all properties has actually dropped slightly from where it was a year ago, dipping a tiny half a percentage point.
The Province see this as a big rebound for the most expensive real estate market in Canada.
We’ve been seeing sub 100 sales for the last 3 of the 4 sales day. Let the crash continue.
The province makes me cringe.
I feel a little dumber whenever I look at it.
“stalled out”? does that mean prices aren’t going up and aren’t going down either? they are going sideways?
so it’s a soft landing? we know that every bubble is followed by a crash. since we are experiencing a soft landing we know there was never a bubble.
condos have been experiencing a soft landing for how long? where is softy?
A month back, I predicted that September 2013 will be the last hurrah for RE in Vancouver.
Turns out, I’m only a month out.
what, still no crash?
havent bears learnt already that pipelines, and LNG will become the golden eggs of this best place on earth? bears live in heaven and they dont know how to appreciate it.
Folks, it’s simple.
If one HAM buys a teardown for 1 mil, then builds a McMansion and sells it to another HAM for 2 mil,
The HPI for that property will have increased by 100%.
Even if there is only a small fraction of transactions like this, average HPI will be severely distorted to the upside side.
@8: “havent bears learnt already that pipelines, and LNG will become the golden eggs of this best place on earth?”
How many people will these employ in Metro Vancouver? The city has oil and gas pipelines from the Interior and an oil terminal right now, how many people do they employ?
Where do you think the head office jobs will be? (Hint: where are the head office jobs now?)
@Son of Ponzi: “The HPI for that property” is an oxymoron. “The upside side” is redundant. The rest of what you wrote doesn’t make much sense either.
you’ll notice immigrants to America are educated and work at companies like Boeing and Lockheed Martin …..while immigrants to Vancouver are all low skilled, looking for handouts here to collect welfare cheque’s and free healthcare, Vancouver really is different
Frankie,
It makes sense if you realize that the market is made up of single transactions and the prices are set at the margin.
Regarding HAM, it seems like all we have are endless anecdotes.
Off the top of my head I can think of two verifiable HAM stories in the local media:
1. Free helicopter rides to wealth asian investors to view white rock from the air. Huh, turns out these were all local realtors, not actually HAM.
2. Wealthy Chinese Sisters who were shopping for a condo in Vancouver for their parents to buy them. Huh, turns out they were actual local real estate marketers, not sisters after all.
You’d think that if this was such a huge factor the local marketers wouldn’t have to construct such clumsy fake stories.
SOP: no offense, but wealthy people buy big expensive houses, like they always have. What’s this got to do with the price of a leaky condo in fairview?
# 16
Leaky condo in fairview is a loss leader in the store called RE Vancouver.
The vast majority here Ponzi won’t believe you. That’s why their calculations don’t add up. We’re reverting to mean + laundered money.
Lang & O’Leary on TV right now… O’Leary says the consensus is that prices will not fall but stall for 5 to 10 years. Although, I’m not sure he’s right, he’s pretty confident despite Lang’s anxious-looking face trying to box him in a corner with ‘You wouldn’t call fire in a theatre.’ He also hedges his respect by saying young people should wait 5-10 before buying. Why would they bother? If interest rates go up, prices will too. If they stay flat, they’re paying their landlord’s mortgage? He’s all over the place.
Poor Amanda Lang. I can hear them still bickering in the background. It’s like a bad marriage where both have to stay in for financial reasons.
Lang and O’Bleary…. flip sides of the same coin. Both shilling for the 1-percenters on the taxpayer’s dime.
Hey Amanda…whatever happened with your bogus “skills shortage” argument….??
😉
After nearly 11 years on and off the market (mostly on), 3810 Marine Drive sold today for $8,300,000, a good price for a waterfront lot with 400+ ft of frontage. However, when you consider that this property was listed for $37,900,000 back in January of this year, then a different story emerges. That’s a $29,600,000 price reduction! That has to be some kind of record…
Marine drive in beautiful world-class Vancouver bc or Cliffside Drive in un-worldclass Malibu California….where would u rather live? (Los Angeles is not super world-class and super livable like vancouver)
Wow
Son of Ponzi. Everyone needs to read that link
Especially the +HAM deniers.
We need a judge like the UK judge here. If you cannot prove HOW you can afford it it, you lose it!
http://qz.com/143017/beijing-goes-hunting-for-overseas-real-estate-by-corrupt-officials/